*ST围海(002586) - 2020 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2020 was ¥2,150,644,279.16, a decrease of 37.44% compared to ¥3,437,604,134.27 in 2019[18] - The net profit attributable to shareholders was -¥410,349,054.90, an improvement of 63.07% from -¥1,111,243,515.98 in the previous year[18] - The basic earnings per share for 2020 was -¥0.3586, which is a 63.08% improvement from -¥0.9712 in 2019[19] - The company reported a net profit excluding non-recurring gains and losses of -¥140,792,426.41, a 54.51% improvement from -¥309,468,347.04 in 2019[18] - The weighted average return on net assets was -13.18%, an improvement from -23.79% in the previous year[19] - Total assets at the end of 2020 were ¥8,242,208,932.64, down 16.93% from ¥9,922,144,587.06 at the end of 2019[19] - The net assets attributable to shareholders decreased by 17.53% to ¥3,340,307,399.68 from ¥4,050,498,104.13 in 2019[19] - The company achieved an operating revenue of CNY 1.975 billion, with a net profit attributable to shareholders of CNY -272 million[50] - Revenue from construction services accounted for 90.80% of total revenue, totaling ¥1,952,829,352.49, down 26.59% year-over-year[53] - The revenue from design and technical services dropped significantly by 74.78%, from ¥771,082,975.16 in 2019 to ¥194,485,068.01 in 2020[53] Cash Flow and Investments - The net cash flow from operating activities was ¥7,892,488.16, a significant recovery from -¥72,923,536.12 in 2019[18] - The net cash flow from operating activities turned positive in Q3 2020, reaching approximately ¥136.87 million, but fell to ¥36.73 million in Q4 2020[24] - Investment cash inflow dropped by 51.42% to ¥982,982,271.35, while investment cash outflow decreased by 9.54% to ¥1,035,693,767.63[72] - Financing cash inflow decreased by 37.66% to ¥1,263,420,280.09, and financing cash outflow decreased by 49.55% to ¥1,651,008,266.94[72] - Cash and cash equivalents at the end of 2020 amounted to ¥385,949,788, representing 4.68% of total assets, a decrease of 4.02% from the beginning of the year[77] Operational Challenges - The company has faced significant operational risks and has outlined measures to address these in its future outlook[5] - The company faced significant non-recurring losses, totaling approximately ¥269.56 million in 2020, primarily due to litigation and other non-operational factors[26] - The company has faced delays in project timelines due to COVID-19 and adverse weather conditions, impacting the overall project completion schedules[119] - The company is undergoing bankruptcy reorganization to improve its financial structure and attract strategic investors[50] Legal and Compliance Issues - The company has been actively involved in resolving legal disputes that have impacted its financial operations and liquidity[110][114] - The company was ordered to pay a total of 22,389,221 yuan plus interest to Wang Chongliang due to an arbitration ruling[111] - The company faced a lawsuit from Rui'an Prosperity Concrete Co., Ltd. for 3,579,689.90 yuan, leading to a freeze on funds of the same amount[114] - The company has been implicated in a credit dispute involving a letter of credit, with a court ruling requiring repayment of the credit advance[190] - The company received a public reprimand from the Shenzhen Stock Exchange due to the inability to express an opinion on the audit report and violations in the use of raised funds[185] Strategic Initiatives - The company aims to leverage its expertise in ecological coastal engineering and river management to maintain a competitive edge in the market[30] - The company is actively pursuing differentiated competition strategies to enhance its market position against state-owned enterprises and large competitors[30] - The company plans to focus on restructuring and optimizing its business operations following the significant revenue decline due to external factors[61] - The company plans to maintain transparency and accuracy in disclosing information related to transactions and commitments[146] Research and Development - The company has completed the application for 21 patents, including 11 invention patents and 10 utility model patents, with 9 patents granted[49] - The company has developed over 30 advanced technologies in various fields, establishing a core technological advantage[45] - Research and development expenses decreased by 14.76% to ¥32,625,346.37 compared to the previous year[68] - The company reduced its R&D personnel by 51.04% to 118, while the R&D investment amounted to ¥22,270,959.24, a decrease of 41.81%[70] Shareholder and Dividend Policies - The company plans not to distribute cash dividends or issue bonus shares for the year[6] - The company has not proposed any cash dividend distribution or capital reserve transfer for the reporting period[143] - The cash dividend payout ratio for 2018 was 67.86% of the net profit attributable to shareholders, while the ratios for 2019 and 2020 were 0.00% due to negative profits[142] - The cumulative undistributed profits at the end of 2019 were -RMB 121,801.56 million, and at the end of 2020 were -RMB 100,139.57 million[141] Asset Management - The company reported a significant decrease in investment properties, which fell to ¥9,689,950.55, down from ¥65,832,414.94, a change attributed to the exclusion of a subsidiary from consolidation[77] - The total amount of restricted assets reached ¥2,277,181,180.82, with various reasons including litigation freezes and collateral for loans[81] - The company has recognized a 100% impairment provision for receivables amounting to RMB 100 million due to the deteriorating financial condition of the guaranteed parties[155] Future Outlook - The company plans to strengthen its core business in large infrastructure projects, leveraging its competitive advantages in qualifications, performance, and technology[135] - The company intends to enhance cash flow stability by improving accounts receivable collection and exploring new financing channels[135] - The company will continue to invest in research and innovation, focusing on areas such as soil and water conservation and ecological restoration[135]